Peer to peer lending using Lending Club
I'd like to check with you if participating as a lender in peer-to-peer lending platform such as Lending Club will be okay in my Solo 401k. They do support opening a Self-directed IRA account, but I would like to be able to invest directly out of my 401k without opening new self-directed IRA account.
Answer:
Yes, you can invest using Lending Club platform with your Solo 401k Trust.
You will need to establish a trust account in the name of your 401k trust:
https://www.lendingclub.com/
- Name of the trust: Name of your 401k trust
- Tax ID of the trust: EIN of your 401k trust
- Grantor: Plan sponsor/Adopting business of the 401k